News & Events
Crop Production Services Processes 1 Million Checks through OPEN SCAN
Loveland, CO – January 20, 2011 – Crop Production Services (CPS), a leading North American full-service agricultural retailer has reached an exciting milestone in receivables automation. On December 14th at 9:16 a.m., at a branch in South Carolina, CPS processed the 1 millionth check through OPEN SCAN's Receivables Process Management Solution.
In September, 2009 CPS completed the implementation of Open Scan's check processing (Check 21) technology at its approximately 700 branches. The solution is fully integrated with an existing Point of Sales application and provides each branch with a wide range of customer service capabilities.
The benefits of the solution include:
- Fast electronic deposit and POS services
- Elimination of the need for lockboxes & over-night couriers
- Significant savings in Days Sales Outstanding (DSO) driven by an average reduction of five-days in float
- Increased customer service quality due to faster credit availability
- Consolidation of banking relationships
- Better overall control and visibility of the accounts receivable environment
Just like many other corporations that receive check payments at branches, cash was applied at the branch through a point-of-sale system and checks were deposited either at a bank branch or at one of many lockboxes days later.
By utilizing OPEN SCAN's Remote Deposit Capture capabilities, CPS saves more than $3.5 million a year in DSO costs alone, along with lockbox and courier fees.
About Crop Production Services
Originally established in 1983 Crop Production Services' predecessor companies have been in existence for over 100 years. With approximately 700 branches processing payments, CPS distributes custom blended fertilizer, agricultural chemicals, seed, custom application, field scouting and precision agriculture products.
About OPEN SCAN
Open Scan Technologies, Inc. (OPEN SCAN®) develops enterprise receivables process management software for corporations. The software addresses the entire receivables function from image and data capture through remittance processing and receivables matching, to deduction / dispute resolution, to cash application. Corporations, financial institutions, and government agencies that receive either electronic or paper payment and remittance documents realize the highest levels of automation, data accuracy and operational savings for their receivables processing environments.
Contact Information
Open Scan Technologies, Inc.
Ryan Stoops, Marketing Manager
303.867.7410
rstoops@openscan.com
OPEN SCAN® is a registered trademark of Open Scan Technologies, Inc. Other names may be trademarks of their respective owners.